Goldman Sachs Corporate Derivatives
There hasn't been any recent discussion on Goldman's corporate derivatives group. According to the new CEO, "the firm is particularly pursuing revenues in corporate derivatives. It currently ranks fourth in this market, and therefore has an opportunity to grow".
From reading online, the corporate derivatives group sits in the Financing Arm of the Investment Banking Division, but appears to be more of a hybrid between IB & S&T. Does anyone have any up-to-date insight onto job responsibilities/overall quality of experience/exit ops in relation to more traditional IB routes, especially at the analyst/junior banker level (e.g. compared to Classic banking or even LevFin in the financing group)?
Hey laflame2017, I'm the WSO Monkey Bot and I am sad to say, but this thread is lonely, so thought I'd post in here to try and help out. Some potential topics that might help:
I hope those threads give you a bit more insight.
Bump, I'm also interested as well.
bump
Bump
Ok so seems like 4 people within the last year got internship offers to join Eric Jordan and the corporate derivatives team, nowadays combined into IGCMRM.
unless you really like interest rate swaps and cross currency swaps, don’t pick this place to intern. It’s really just a swaps marketing desk that sits on the banking side because it works with corporates (instead of funds). the group is super lucrative because they can charge insane spreads for each deal because corporates really don’t know any better. but from an intellectual perspective it’s lacking. there are some really smart people in the group though that work to create new derivative products to pitch corporates to fit some niche needs. as a result, there are zero exit opps from this seat. I’ve heard of one person going to Bridgewater, so I guess technically you could go to a macro fund since that’s the only place rates/derivatives are probably valued. most people leave for different groups after 2 years and the few who stay become MDs pretty quick (9-10 years from undergrad). there was a woman who became a partner from analyst within 12 years.
if you want to know more tell me and I can PM you. I used to work in that group.
Thanks for perspective. Can you speak on comp and hours at the analyst level more specifically? Why did you feel this group was intellectually "lacking"?
comp is similar to classic IBD comp. more or less the same with buckets etc. you’re not getting more or less than your peers in any of the other GS groups. the hours are around 7:30-8am start time to 8-11pm. some of the groups like the ones in FIG risk management are chiller in hours and depending on which VP you work for it could be earlier or later. generally you leave by 9 consistently I would say on average but again varies by the VP you work for (so in this group you get assigned to a coverage group and usually work under 1-2 VPs or MDs, not with the whole group - there’s no staffer or anything).
literally 95% of the job is pitching 2 products to every company in your coverage space. just like classic banking, but the difference is you don’t need to know anything about the company. you pitch the exact same product to Apple as you do to Exxon mobil. you don’t learn about different companies or any strategic rationale etc. if you’ve been through the interview process you’ll get a good sense of what they do, but it’s the equivalent of a interest rate swaps sales and trading desk.
^ and I guess that’s just a personal thing for me that I don’t think it’s as intellectually exciting. it’s like, pitch execute trade, rinse and repeat. so...yeah. but then again I also don’t think classic banking is intellectually exciting (still much more so than this role since you actually learn about different companies and the industry). just depends on what you want I guess
Hi,
Going into an identical role soon, would love to learn more. Any chance you could PM me?
Don't these groups actually open exit to corporate roles like treasury (and maybe risk management if joining an FI)?
I want to join an operational role in corporate (rather than corp dev) and I have thought about joining such teams as a stepping stone.
yeah you can work in corporate treasury and risk management if you’re in FIG - working in risk management for insurance companies and banks people have definitely gone on to do that for sure. if that’s what you want then it should suite your needs.
Hi,
I recently received an invite for a superday with this group within the next week. To be frank, I don’t know much about it besides what you’ve generously written here. I’d love to learn more perhaps over some PMs or a call if you have the availability.
Hoping to chat soon,
Best,
A fellow monkey
Now that the superday is over do you have any additional insights regarding the group? How did the superday go?
Hi I'm going to be working in a similar group and would love to chat!
Feel free to PM me.
Responding a few years later, if you’re still active would love a PM on this desk. Thanks
I know I’m 4 years late but I have interviews coming up with this group.
Could I PM you? Really curious what you have to say
hey man, how was the interview process? can i pm you?
does it have any HF (research analyst role) exit? I'm guessing by your title that you exited to HF and just wondering if in that group, how to best prepare for an exit to macro HFs. Thx
,
hey, i saw your post on goldman derivative group. i am interviewing for financing group as a whole but wanted to get a high-level idea of what you guys do just for my own understanding and how it connects to other financing groups at goldman (besides the fact that they work w levfi and investment grade)
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